Sociology Index

Neoliberalism

Neoliberalism is a form of Liberalism that tends to favour free-market economics and free market capitalism. Liberalism is a political theory and Neoliberalism is an economic concept. Neoliberalism does not care about social issues such as abortion, gender & sexuality, such as gay marriage, and neoconservatism does look at these issues.  Neoliberalism is basically a term for economic liberalism. Neoliberalism calls for economic liberalization, free trade and open markets. Neoliberalism was introduced by liberal scholars to promote a new form of economic, political and societal liberalism. Neoliberalism is the doctrine that market exchange is an ethic in itself, capable of acting as a guide for all human action, and has become dominant in both thought and practice throughout much of the world since about 1970.

Anchored in the principles of the free-market economics, neoliberalism has been associated with such different political leaders as Ronald Reagan, Tony Blair, Augusto Pinochet, and Junichiro Koizumi. Market economies may include hypothetical laissez-faire, free market, regulated markets and interventionist variants. What distinguishes Classical Liberalism, neoliberalism and ordoliberalism is the approach to the freedom of the individual.

During the late 1990s, neoliberalism emerged as the world's dominant economic paradigm, stretching from the Anglo-American heartlands of capitalism to the former communist bloc. Economic commentator Anusar Farooqui "argues that the Biden administration is making a really profound break with the last 45 years of neoliberalism, and that break is going to create probably the biggest economic boom in collective memory."

In the Financial meltdown and environmental disaster neoliberalism has played its part. Therefore, neoliberalism has been discredited as the global economy, built on its principles, has been shaken to its core by the worst financial calamity since the 1930s. Three senior economists at the IMF, an organisation not known for its incaution, published a paper questioning the benefits of neoliberalism.

Books On Neoliberalism

Neoliberalism: A Very Short Introduction. Manfred B. Steger and Ravi K. Roy.
Examines various leaders and regimes; and their related neoliberal ideas. Explores the major political, economic, and social dimensions of neoliberalism.

A Brief History of Neoliberalism. David Harvey. Neoliberalism, the doctrine that market exchange is an ethic in itself, capable of acting as a guide for all human action, has become dominant in both thought and practice throughout much of the world since 1970 or so.

The Crisis of Neoliberalism. by Gérard Duménil, Dominique Lévy. This book examines “the great contraction” of 2007–2010 within the context of the neoliberal globalization that began in the early 1980s.

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown. - Philip Mirowski is a historian and philosopher of economic thought at the University of Notre Dame, Indiana.